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Lift Global Ventures - Investee Company Update

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Lift Global Ventures Plc · LFT

28/03/2024 07:00

Lift Global Ventures - Investee Company Update
RNS Number : 5912I
Lift Global Ventures PLC
28 March 2024

28 March 2024


Lift Global Ventures Plc
("Lift" or the "Company") 

Update on Investee Company

Strategic Investment into Trans-Africa Energy Limited

Lift Global Ventures Plc (AQSE:LFT), an investment company focused on financial media, technology and the energy sector, is pleased to announce that one of its investment portfolio companies,  Trans-Africa Energy Limited ("TAE"), has secured conditional equity funding of up to £12,000,000 ("Funding") from an experienced African investor in the energy sector ("Investor").

The Investor has a signed a binding Subscription Agreement with TAE, pursuant to which the Investor has agreed to undertake a series of cash subscriptions for shares in the capital of TAE through to 25 October 2024, subject to the satisfaction of certain conditions to be met by TAE, including the issue and allotment of shares in TAE.

TAE is focused on the development, financing, construction, and operation of energy infrastructure projects located primarily in Sub-Saharan Africa, the first of which is in Ghana.

The first project is the funding and construction of the Takoradi to Tema gas pipeline. The Funding will be used, inter alia, by TAE to complete the outstanding FEED (Front End Engineering Design) deliverables, arrange the tender for the EPIC (Engineering, Procurement, Installation and Commissioning) package and complete other deliverables for the final investment decision ("FID") which will involve TAE seeking project finance.

The Funding is expected to enable TAE to make the FID within in the next 6 months.

Zak Mir, CEO of Lift commented: "We are delighted to be informed of this Funding into TAE.  There is no doubt that energy infrastructure is the next key step for African oil and gas producing countries by investing in infrastructure; the proposed projects that TAE are developing in aim to alleviate energy poverty, ensure energy security and strengthen regional energy access.

We look forward to keeping shareholders updated on this exciting development."



In January 2023, the Company subscribed for £750,000 of unsecured convertible loan notes in TAE, a UK private company focused on the development, financing, construction and operation of energy infrastructure projects located primarily in Sub-Saharan Africa, the first of which is in Ghana.

The first project is the Takoradi to Tema pipeline and TAE reports that, despite weather interruptions, the field work required for the Aerial and LiDAR survey was successfully completed along the main pipeline route as well as sectional alternate routes as specified by the pipeline engineer.

The full set of topographical and aerial photography data was captured and processed with the information ready for the engineer's interpretation. Following the data review, and in conjunction with the geotechnical reports, the engineer will now finalise the pipeline route and complete the outstanding FEED (Front End Engineering Design) deliverables and then tender for the EPIC (Engineering, Procurement, Installation and Commissioning) package.

In addition, the full cadastral survey for land ownership identification can also then be undertaken, after which initial individual landowner engagements can take place.

The thesis for the pursuit of energy infrastructure projects in Africa is on many fronts including the fact that  Africa is soon to be home to approximately one fifth of the world's population.

According to the International Energy Agency: "Boosting access to secure and sustainable energy in Africa remains essential. More than 600 million people on the continent currently live without access to electricity. To achieve Africa's development goals, as well as energy access and climate objectives, energy spending on the continent needs to more than double by 2030. 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

The Directors of the Company accept responsibility for the contents of this announcement.


Lift Global Ventures Plc

Zak Mir, CEO


+44 (0)203 745 1865

Optiva Securities Ltd (AQSE Corporate Adviser and Broker)

Christian Dennis

Daniel Ingram

+44 (0)203 411 1881



For more information please visit: 





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